MUMBAI: The much-anticipated Zee Entertainment Enterprises Ltd (ZEEL) stake sale is now at an advanced stage, Essel Group has confirmed.

"The stake sale process of Zee Entertainment Enterprises Ltd undertaken by Essel Group, is in steady progress and at an advanced stage," the group said in a statement on Tuesday, said a report by news agency PTI.

The group did not share any other information citing confidentiality agreements.

In November last year, Zee Entertainment Enterprises had announced that its promoters would sell up to 50 per cent of their equity stake in the firm to a global strategic partner.

The decision to divest up to 50 per cent of promoter group’s holding was taken to transform Zee into a “global media-tech player”.

The Subhash Chandra-led Essel Group had roped in Goldman Sachs Securities (India) Ltd as investment banker and the US and Europe-based LionTree as an international strategic adviser for the transaction.

“Essel expects the outcome of the strategic review to be concluded by March/April 2019. We hope that this transaction will meet the objectives of the Essel Group as well as the minority shareholders of ZEEL,” the company statement said.

Since the turn of the New Year, several major corporations have been rumoured to have shown an interest in picking up a stake in one of the most iconic media companies in India. Zee, however, continues to hold its cards close to the chest.